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that said, you know, one has to wonder about deficit and debt. how much the president is going to focus on that. to hear the house speaker say he doesn't think the president has the guts to do that, to challenge his own party on that, that was something. >> this is a very confident president. he is re-elect and feels the opponents are divided and the country is behind him. the question tonight is how much does he feel he has to compromise to get a deal? how much does he want a deal? how much does he think his legacy runs through a grand bargain with the republicans? i mean i would argue what he wants to make real investments in infrastructure and education and clean energy and manufacturing, which is he going to call for tonight, but if he wants to make them substantial he has to get the fiscal problem solved to free up revenue to do that and get some growth. we will find out a lot tonight. does he still want to demand concessions from the republicans? because he thinks he can do it again the way he did it in the debt ceiling deal? or does he thi
that said, you know, one has to wonder about deficit and debt. how much the president is going to focus on that. to hear the house speaker say he doesn't think the president has the guts to do that, to challenge his own party on that, that was something. >> this is a very confident president. he is re-elect and feels the opponents are divided and the country is behind him. the question tonight is how much does he feel he has to compromise to get a deal? how much does he want a deal? how...
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Feb 5, 2013
02/13
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everybody wanted -- he was there to talk about spending deficit and debt. everybody wanted to talk about gun control. almost to a person everyone said the only reason why the government wants me to go through background checks is so they know what background i have and how many guns i have so they can take my guns. that's what the perception is. >> there's a lot of paranoia. the there is no such plot a foot from anybody involved. of course the president is out of touch with the sport with the family traditions. that's why the picture was posted. >> here's a simple solution. all gun control ought to apply to everybody that includes the body guards anybody who works for the department or agency. if you don't think i need this or that weapon to protect my family you don't need yours. i am saying all americans are worth the same. my family is eerie bit as valuable as anybody else's family when he works in congress or the branch. >> we have to leave it there. stay tuned. we are going to tell you what it takes to accurately predict the outcome of a football game.
everybody wanted -- he was there to talk about spending deficit and debt. everybody wanted to talk about gun control. almost to a person everyone said the only reason why the government wants me to go through background checks is so they know what background i have and how many guns i have so they can take my guns. that's what the perception is. >> there's a lot of paranoia. the there is no such plot a foot from anybody involved. of course the president is out of touch with the sport with...
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Feb 6, 2013
02/13
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is increasingly frustrated by the i insistence that the solution to deficit spending is more taxation. >>> president doesn't believe we have a spending problem. he genuinely believes the government spending causes economic growth. if that were true, the economy today would be thriving. it isn't thriving. >> washington has to deal with its spending problem. i watched them kick the can down 22 years down the road. its time to act. >> had he tahoe roundly dismiss the suggestion to postpone tens of billions of dollars of automatic spending cuts in defense and other departments on march 1st. defense secretary renewed pretty dire warnings today. listen.... >> my greatest concern today is that we are putting our national security at risk by lurching from budget crisis to budget crisis to budget crisis. >> only a couple hours after the speech. senate republicans unveiled their al downsize the government's civilian work force and freeze pay for members of congress. >> this is way of doing it without cutting defenses, without cutting desk and without raising taxes. >> reporter: republicans plan
is increasingly frustrated by the i insistence that the solution to deficit spending is more taxation. >>> president doesn't believe we have a spending problem. he genuinely believes the government spending causes economic growth. if that were true, the economy today would be thriving. it isn't thriving. >> washington has to deal with its spending problem. i watched them kick the can down 22 years down the road. its time to act. >> had he tahoe roundly dismiss the...
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Feb 5, 2013
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under current law the deficit will shrink in 2013. as an estimated $845 billion, the deficit, the first in five years below $1 trillion. >> the cbo projects deficits to decline from $845 billion to year to as low as 430 billion in 2015 but then 978 billion a year by 2023. >> in 2014 or 15 the deficit will come down. there's a tax increase we just passed. that combines to produce a smaller deficit. >> though the president has not submitted his budget, the cbo projects the next ten years u.s. debt will increase $10 trillion from a little more than 16 trillion-dollar now to more than $26 trillion in 2023. >> you can't raise enough tax to say pay for this problem. you won't grow fast enough to get rid of this problem. you ultimately have to deal with spending. >> after 2023, the debt begins to soar. >> after that it's going to grow and reach the trillion and go beyond the trillion. so at no point in the foreseeable future is the deficit going to come down to manageable level. >> noting repeatedly high debts are bad and dangerous as he put
under current law the deficit will shrink in 2013. as an estimated $845 billion, the deficit, the first in five years below $1 trillion. >> the cbo projects deficits to decline from $845 billion to year to as low as 430 billion in 2015 but then 978 billion a year by 2023. >> in 2014 or 15 the deficit will come down. there's a tax increase we just passed. that combines to produce a smaller deficit. >> though the president has not submitted his budget, the cbo projects the next...
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Feb 6, 2013
02/13
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. >> sreenivasan: this year's federal budget deficit will fall below a trillion dollars for the first time since president obama took office. the congressional budget office projected today the red ink will be roughly $845 billion. it was $1.1 trillion last year. the c.b.o. attributed the decline in part to new tax hikes and to automatic spending cuts scheduled to take effect in march. but it said those same factors may also hold back economic growth. personal computer maker dell has announced it's going private. the company detailed a $24 billion buyout of stockholders today. it's the largest deal of its kind since the great recession. dell has been publicly traded for nearly 25 years. but sales have waned as consumers have shifted towards smartphones and tablets. britain took a major step today toward legalizing same-sex marriage nationwide. the house of commons voted more than 2-1 to legalize the practice. that's despite sharp divisions in the ruling conservative party. prime minister david cameron acknowledged the split, but supported the bill. >> i think it's delight gay people s
. >> sreenivasan: this year's federal budget deficit will fall below a trillion dollars for the first time since president obama took office. the congressional budget office projected today the red ink will be roughly $845 billion. it was $1.1 trillion last year. the c.b.o. attributed the decline in part to new tax hikes and to automatic spending cuts scheduled to take effect in march. but it said those same factors may also hold back economic growth. personal computer maker dell has...
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Feb 4, 2013
02/13
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everybody wanted -- he was there to talk about spending deficit and debt. everybody wanted to talk about gun control. almost to a person everyone said the only reason why the government wants me to go through background checks is so they know what background i have and how many guns i have so they can take my guns. that's what the perception is. >> there's a lot of paranoia. the there is no such plot a foot from anybody involved. of course the president is out of touch with the sport with the family traditions. that's why the picture was posted. >> here's a simple solution. all gun control ought to apply to everybody that includes the body guards anybody who works for the department or agency. if you don't think i need this or that weapon to protect my family you don't need yours. i am saying all americans are worth the same. my family is eerie bit as valuable as anybody else's family when he works in congress or the branch. >> we have to leave it there. stay tuned. we are going to tell you what it takes to accurately predict the outcome of a football game.
everybody wanted -- he was there to talk about spending deficit and debt. everybody wanted to talk about gun control. almost to a person everyone said the only reason why the government wants me to go through background checks is so they know what background i have and how many guns i have so they can take my guns. that's what the perception is. >> there's a lot of paranoia. the there is no such plot a foot from anybody involved. of course the president is out of touch with the sport with...
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Feb 12, 2013
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how do you square pro growth with cuts deficits now? that is the problem that republicans couldn't get their arms around in the last election, let's see if rubio can do it now. >> and let's see if he can come up with something new. >> big government, i think we've heard it. >>> coming up, the latest on the roadblocks against the violence against women act. karen finney will join us. keep tweeting your answers, coming up. why turbo? trust us. it's just better to be in front. the sonata turbo. from hyundai. did you know not all fiber is the same? citrucel is different- it's the only fiber for regularity that won't cause excess gas. it's gentle and clinically proven to help restore and maintain regularity. look for citrucel today. it's gentle and clinically pryou know it can be hard to lbreathe, and how that feels.e, copd includes chronic bronchitis and emphysema. spiriva helps control my copd symptoms by keeping my airways open for 24 hours. plus, it reduces copd flare-ups. spiriva is the only once-daily inhaled copd maintenance treatment
how do you square pro growth with cuts deficits now? that is the problem that republicans couldn't get their arms around in the last election, let's see if rubio can do it now. >> and let's see if he can come up with something new. >> big government, i think we've heard it. >>> coming up, the latest on the roadblocks against the violence against women act. karen finney will join us. keep tweeting your answers, coming up. why turbo? trust us. it's just better to be in front....
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Feb 5, 2013
02/13
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inside the beltway, the media keeps pushing the president on debt and deficits. i'd like to know also, i don't think of the fundamental issues confronting this country. but on the gun issue, why wasn't there a single question about the 15-year-old chicago girl, hadiya pendleton, who marched in the parade in the inauguration and was gunned down, the 42nd victim of gun violence in chicago in january. that might be relevant to the issue of how do you stop trafficking of illegal weapon, and relevant to the actual policy debates under way in this country. >> richard, why does inside the beltway media have a propensity to focus on things that people don't care about? >> look, i've been part of that press corps. i was there in the time in the run-up to the war in iraq. but as a pack, as a pack mentality, this is a game. look, the war in iraq was serious. don't get me wrong. but we're talking about kids in america who were killed and how to respond to that. and so, you know, the disjoint between this photo, what the president does in his leisure time, whether it's real o
inside the beltway, the media keeps pushing the president on debt and deficits. i'd like to know also, i don't think of the fundamental issues confronting this country. but on the gun issue, why wasn't there a single question about the 15-year-old chicago girl, hadiya pendleton, who marched in the parade in the inauguration and was gunned down, the 42nd victim of gun violence in chicago in january. that might be relevant to the issue of how do you stop trafficking of illegal weapon, and...
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Feb 7, 2013
02/13
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and it's estimated to reduce the deficit by $3.3 trillion. remember, we're trying to hit $4 trillion. so we're getting closer. the plan ends tax loopholes for yachts and for jets. it reduces the corporate meal and entertainment deduction to 25%. you can't write off the whole dinner anymore. it ends fossil fuel subsidies for oil companies that are raking in massive profits. exxonmobil, you know what their profit was? $44 billion in 2012. the last thing they need right now is your tax dollars as subsidy. the balancing act also closes other pointless loopholes the rich take advantage of. we should point out mitt romney ran on a similar tax plan. his former running mate paul ryan should love the balancing act because it reduces the deficit. everyone inside the beltway considers mr. ryan just a very serious person. but here is how paul ryan wants to reduce the deficit, with nothing but cuts. and here is the balanced approach from the progressive caucus. you know, when we need budget advice in the future, i think we should kind of push paul ryan of
and it's estimated to reduce the deficit by $3.3 trillion. remember, we're trying to hit $4 trillion. so we're getting closer. the plan ends tax loopholes for yachts and for jets. it reduces the corporate meal and entertainment deduction to 25%. you can't write off the whole dinner anymore. it ends fossil fuel subsidies for oil companies that are raking in massive profits. exxonmobil, you know what their profit was? $44 billion in 2012. the last thing they need right now is your tax dollars as...
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Feb 12, 2013
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deficits. i think we know he's going say we're not going to increase deficits. this won't cost the american people a dime. how do you do big programs without costing anything? doing that either suggests you're going to make serious trade-offs cut somewhere else to spend here or do small symbolic stuff. >> woodruff: the white house is already putting out some advanced text saying that these are things... some of the things he wants to do are not going to cost the taxpayers anything. both of you have mentioned the inaugural address. we hear from the white house that the president is not just talking to the members of congress in the chamber. he's talking to millions of americans who have everything at stake. >> you could say to some degree the audience is the 48% who did not vote for him. in the sense that what he says to them. but really the true sense tonight is the people who are listening are those who support, admire and identify with the president. that's the case with every state of the un
deficits. i think we know he's going say we're not going to increase deficits. this won't cost the american people a dime. how do you do big programs without costing anything? doing that either suggests you're going to make serious trade-offs cut somewhere else to spend here or do small symbolic stuff. >> woodruff: the white house is already putting out some advanced text saying that these are things... some of the things he wants to do are not going to cost the taxpayers anything. both...
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Feb 12, 2013
02/13
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how do you square pro growth with cuts deficits now? that is the problem that republicans couldn't get their arms around in the last election, let's see if rubio can do it now. >> and let's see if he can come up with something new. >> big government, i think we've heard it. >>> coming up, the latest on the roadblocks against the violence against women act. karen finney will join us. keep tweeting your answers, coming up. male announcer ] citi turns 200 this year. in that time there've been some good days. and some difficult ones. but, through it all, we've persevered, supporting some of the biggest ideas in modern history. so why should our anniversary matter to you? because for 200 years, we've been helping ideas move from ambition to achievement. and the next great idea could be yours. ♪ executor of efficiency. you can spot an amateur from a mile away... while going shoeless and metal-free in seconds. and you...rent from national. because only national lets you choose any car in the aisle...and go. you can even take a full-size or a
how do you square pro growth with cuts deficits now? that is the problem that republicans couldn't get their arms around in the last election, let's see if rubio can do it now. >> and let's see if he can come up with something new. >> big government, i think we've heard it. >>> coming up, the latest on the roadblocks against the violence against women act. karen finney will join us. keep tweeting your answers, coming up. male announcer ] citi turns 200 this year. in that...
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Feb 5, 2013
02/13
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to pay down the deficit, and potentially to make our businesses more competitive. now, i think this balanced mix of spending cuts and tax reform is the best way to finish the job of deficit reduction. the overwhelming majority of the american people, democrats and republicans as well as independence, have the same view, and both the house and the senate are working towards budget proposals that i hope reflect this balanced approach. having said that, i know that a full budget may not be finished before march 1st and unfortunately, that's the date when a series of harmful automatic cuts to job creating investments and defense spending also known as the sequester are scheduled to take effect. so if congress can't act immediately on a bigger package, if they can't get a bi bigger package done by the time the sequester is scheduled to go into effect, then i believe that they should at least pass a smaller package of spending cuts and tax reforms that would delay the economically damaging effects of the sequester for a few more months until congress finds a way to repla
to pay down the deficit, and potentially to make our businesses more competitive. now, i think this balanced mix of spending cuts and tax reform is the best way to finish the job of deficit reduction. the overwhelming majority of the american people, democrats and republicans as well as independence, have the same view, and both the house and the senate are working towards budget proposals that i hope reflect this balanced approach. having said that, i know that a full budget may not be...
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. >> sreenivasan: this year's federal budget deficit will fall below a trillion dollars for the first time since president obama took office. the congressional budget office projected today the red ink will be roughly $845 billion. it was $1.1 trillion last year. the c.b.o. attributed the decline in part to new tax hikes and to automatic spending cuts scheduled to take effect in march. but it said those same factors may also hold back economic growth. personal computer maker dell has announced it's going private. the company detailed a $24 billion buyout of stockholders today. it's the largest deal of its kind since the great recession. dell has been publicly traded for nearly 25 years. but sales have waned as consumers have shifted towards smartphones and tablets. britain took a major step today toward legalizing same-sex marriage nationwide. the house of commons voted more than 2-1 to legalize the practice. that's despite sharp divisions in the ruling conservative party. prime minister david cameron acknowledged the split, but supported the bill. >> i think it's delight gay people s
. >> sreenivasan: this year's federal budget deficit will fall below a trillion dollars for the first time since president obama took office. the congressional budget office projected today the red ink will be roughly $845 billion. it was $1.1 trillion last year. the c.b.o. attributed the decline in part to new tax hikes and to automatic spending cuts scheduled to take effect in march. but it said those same factors may also hold back economic growth. personal computer maker dell has...
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Feb 5, 2013
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to pay down the deficit. and potentially to make our businesses more competitive. now, i think this balanced mix of spending cuts and tax reform is the best way to finish the job of deficit reduction. the overwhelming majority of the american people, democrats and republicans, as well as independents, have the same view. and both the house and the senate are working towards budget proposals that i hope reflect this balanced approach. having said that, i know that a full budget may not be finished before march 1st, and unfortunately that's the date when a series of harmful automatic cuts to job-creating investments and defense spend, also known as sequester, are scheduled to take effect. so, if congress can't act immediately on a bigger package, if they can't get a bigger package done by the time the sequester is scheduled to go into effect, then i believe that they should at least pass a smaller package of spending cuts and tax reforms that would delay the economically damaging effects of the sequester for a
to pay down the deficit. and potentially to make our businesses more competitive. now, i think this balanced mix of spending cuts and tax reform is the best way to finish the job of deficit reduction. the overwhelming majority of the american people, democrats and republicans, as well as independents, have the same view. and both the house and the senate are working towards budget proposals that i hope reflect this balanced approach. having said that, i know that a full budget may not be...
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Feb 6, 2013
02/13
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our deficits are financed by treasury bonds. most of which are being purchased by the fed with newly created money. this drives up the price of bonds and keeps interest rates artificially low, seniors on fixed incomes who have saved their whole lives now cannot make a fair market on their interest for their savings. in addition to squeezing the incomes of our seniors, creating money to fund deficits also drives up prices which has a disproportionate adverse effect on seniors, on the poor, and on middle income families. creating money out of thin air to fund the president's spending must stop. the first step is to stop the reckless spending by having the president present a plan to balance the budget. this is a simple request with no reasonable excuse for opposition. i support h.r. 444, the require plan act, to protect our seniors, the poor, and middle income families. i yield back. the chair: the gentleman yields back. the gentleman from maryland is recognized. mr. van hollen: madam chairman, again we have heard a number of the
our deficits are financed by treasury bonds. most of which are being purchased by the fed with newly created money. this drives up the price of bonds and keeps interest rates artificially low, seniors on fixed incomes who have saved their whole lives now cannot make a fair market on their interest for their savings. in addition to squeezing the incomes of our seniors, creating money to fund deficits also drives up prices which has a disproportionate adverse effect on seniors, on the poor, and...
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Feb 11, 2013
02/13
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that he's making-- he hasn't pivoted away from the things he's going to say to create jobs, which is deficit spending and increased taxes to finance more domestic spending on his priorities. this is what he's been talking about, really, since he started running for reelection, which is to say the day off he got elected the first time. this is his chance, this is his thing, this is what he likes to talk about. i'm not surprised to hear him make this the focus of the state of the union, but i will say this, the consequence of him going on such an ideological, liberal sort of power point throughout his inaugural address, the position of having to go back and remind people this really is about jobs, if we don't like having 7.9% unemployment and don't like these things and the reports that we talk about global warming and marriage, et cetera, et cetera, et cetera. >> what does it actually do for him or his party. the thing is as a second term president not much he can do, pick a couple of top priorities and seems he's doing that with immigration reform and gun control and some climate change issu
that he's making-- he hasn't pivoted away from the things he's going to say to create jobs, which is deficit spending and increased taxes to finance more domestic spending on his priorities. this is what he's been talking about, really, since he started running for reelection, which is to say the day off he got elected the first time. this is his chance, this is his thing, this is what he likes to talk about. i'm not surprised to hear him make this the focus of the state of the union, but i...
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until we fix it we'll run deficits and continue to mound to our debt. david: republicans are doing some dances too, like that french apache dancing where you grab someone by the hair, and drag them. like the tea parties trying to drag them down, what is likely to happen? are they likely to fix up their act before the negotiations really begin so they come as united front against the president? >> david, that is a great question, but, to bet on this congress to fix their own act, i don't care if they are republicans or democrat, this is the most futile congress to record by a factor of two, the last 3 years by number of bills passed. they cannot agree on anything. but one thing they have in their favor good forward, you raise taxes on the rich, now that was political and that was a home run as far as our base, democrats. the next tax increase, will hurt. because they will be on the rest of americans, they will be very unpopular, that is what republicans need to say, these are not necessary, we have to deal with entitlements and spending. david: but tax c
until we fix it we'll run deficits and continue to mound to our debt. david: republicans are doing some dances too, like that french apache dancing where you grab someone by the hair, and drag them. like the tea parties trying to drag them down, what is likely to happen? are they likely to fix up their act before the negotiations really begin so they come as united front against the president? >> david, that is a great question, but, to bet on this congress to fix their own act, i don't...
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the numbers today are living short of terrific. $7 trillion in deficits over the next ten years. is coming after we raise 600 billion in taxes. what does the president say? well, let's not do the spending cuts, which we are counting on to keep it down to 7 trillion. instead to raise taxes, which we already proven does not solve the problem. you have to have a pretty good sense of humor to like it that seriously. lou: and to look at you have to have a pretty good sense of humor to put this in context of the history of this president and fiscal issues. does not pose for the budget. the senate has not passed one commend the president of the united states said this back in 2011. november 41st. already, he said, some in congress are trying to undo these automatic spending cuts, much like he did today at 115 eastern time. my message to them back in 2011, no, i will be there through any effort to get rid of automatic spending cuts to domestic and defense spending said the break president at that point. your reaction? >> that was president obama circa 2011. candid obama in a debate set s
the numbers today are living short of terrific. $7 trillion in deficits over the next ten years. is coming after we raise 600 billion in taxes. what does the president say? well, let's not do the spending cuts, which we are counting on to keep it down to 7 trillion. instead to raise taxes, which we already proven does not solve the problem. you have to have a pretty good sense of humor to like it that seriously. lou: and to look at you have to have a pretty good sense of humor to put this in...
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Feb 11, 2013
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in another battle over the best way to reduce the federal deficit. lawmakers from both parties made the rounds on the sunday talk shows. both sides of the ioc budget cuts scheduled to go into effect next month will have a negative impact on the economy >> it was designed as a budget threat not as a budget strategy ... is going to have a dramatic negative impact... >> the senator said more taxes are needed to solve the problem. republican house majority leader said most republicans want to fix the deficit without raising taxes. >> congressmanthe no. 2 republican in the u.s. house and now says he would support granting citizenship to children who are in the u.s. illegally >> they were brought here to no fault of their own >> president obama says immigration reform will be a top priority of his second term. a recent gallup poll shows that 72 percent of americans support policies that would have a path toward citizenship or residency for the more than one 11 million undocumented immigrants in the u.s. >> more than a billion people in china and other asia
in another battle over the best way to reduce the federal deficit. lawmakers from both parties made the rounds on the sunday talk shows. both sides of the ioc budget cuts scheduled to go into effect next month will have a negative impact on the economy >> it was designed as a budget threat not as a budget strategy ... is going to have a dramatic negative impact... >> the senator said more taxes are needed to solve the problem. republican house majority leader said most republicans...
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Feb 12, 2013
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i think i'd like to hear jobs, jobs jobs, jobs, not one word about the deficit. that would make my heart go pity pat. not only would that make everybody's head on television explode, it would make me very happy. stephanie: we are told it will be used on using to protect jobs, bring down the deficit -- >> whoa, wait. stephanie: he will once again say this is what the american people voled for right? >> what i'm fairly impressed by is he's getting back on an airplane as soon as this is over and going to try to sell this down in north carolina. people are yelling he is still in the campaign, right he still has people backing him. stephanie: you can't reasonably watch any of those republicans eric cantor was on meet the press. no matter how you spin it, it's like no, you were on the wrong side of the polling of everything the penalty wants to get done. he ran on those issues, won on those issues. it's just -- i don't did eric cantor say anything that made sense to you sunday? >> no, this is what he did. first of all if you're giving a really big speech about how the
i think i'd like to hear jobs, jobs jobs, jobs, not one word about the deficit. that would make my heart go pity pat. not only would that make everybody's head on television explode, it would make me very happy. stephanie: we are told it will be used on using to protect jobs, bring down the deficit -- >> whoa, wait. stephanie: he will once again say this is what the american people voled for right? >> what i'm fairly impressed by is he's getting back on an airplane as soon as this...
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. >> bill: the deficit's going down and the market the dow is going up. so there is some good economic news that you never hear about except here on the "full court press." congressman henry cuellar great to have you with us this morning. >> thank you, bill and victoria. >> bill: we'll be back to continue our conversation with victoria jones and you on the "full court press." >> announcer: this is the "bill press show." (vo) this afternoon, current tv is the place for compelling true stories. >> jack, how old are you? >> nine. >> this is what 27 tons of marijuana looks like. (vo) with award winning documentaries that take you inside the headlines, way inside. (vo) from the underworld, to the world of privilege. >> everyone in michael jackson's life was out to use him. (vo) no one brings you more documentaries that are real, gripping, current. these talking points, that the right have, about the "heavy hand of government" ... i want to have that conversation. really? you know i'd like to arm our viewers with the ability to argue with their conservative unc
. >> bill: the deficit's going down and the market the dow is going up. so there is some good economic news that you never hear about except here on the "full court press." congressman henry cuellar great to have you with us this morning. >> thank you, bill and victoria. >> bill: we'll be back to continue our conversation with victoria jones and you on the "full court press." >> announcer: this is the "bill press show." (vo) this afternoon,...
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that results in a lower deficit as you have reported to us. by 2015, the deficit is projected to be $430 billion, the lowest you project over 10 years. that's slightly below the highest deficit president bush ever had in his eight years. and you have gpped growth projected at 3.%, last year was 2.2. but after 2015, three years from now, the deficits start a rise again, increasing every single year almost 10% a year and would more than double over the following eight years to $978 billion, is that correct? >> yes, that's right. >> and you don't see unless something changes, any improvement in the outyears but your report would indicate that your report the upward trajectory -- and is that an unsustainable path? >> as others have said, debt cannot rise indefinitely as a share of g.d.p. and our projections show debt rising relative to g.d.p. in the back half of this coming decade. >> so i think -- and it increases the risk as bowles and simple son told us was inevitable if we don't change this unsustainable path, would you agree? >> in the longer
that results in a lower deficit as you have reported to us. by 2015, the deficit is projected to be $430 billion, the lowest you project over 10 years. that's slightly below the highest deficit president bush ever had in his eight years. and you have gpped growth projected at 3.%, last year was 2.2. but after 2015, three years from now, the deficits start a rise again, increasing every single year almost 10% a year and would more than double over the following eight years to $978 billion, is...
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Feb 4, 2013
02/13
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this the in the new normal no interest in bringing down the deficit or the debt. >> we just did this whole fiscal cliff thing at the end of the year. we thought hey had a deal where we're going to raise revenues this way and cut spending this way, blah blah blah. listen to what president barack obama said just this past sunday. >> there's no doubt we need additional revenue. coupled with smart spending reductions, in order to bring down our deficit. >> was he crossing his fingers behind his back when he negotiated the fiscal cliff deal? sounds like he is going after more revenue. >> he'll never stop trying to raise taxes. whether or not he can succeed i don't know. he comes out of a far left ideology that believes in class warfare and radical wealth restriction and to feed that you need tax revenue coming from the so-called 1% on whom he raised tax throw it the fiscal cliff deal. he knows the real now is with the mitting class so he is coming for you. so -- >> wait, wait. right there want you to listen to this. this is also what he said. >> can we close some loopholes and deductions
this the in the new normal no interest in bringing down the deficit or the debt. >> we just did this whole fiscal cliff thing at the end of the year. we thought hey had a deal where we're going to raise revenues this way and cut spending this way, blah blah blah. listen to what president barack obama said just this past sunday. >> there's no doubt we need additional revenue. coupled with smart spending reductions, in order to bring down our deficit. >> was he crossing his...